The intermingling or state finances, state supported banks etc. is also a major characteristic of the Chinese system. In such a system you can push around and h

The intermingling or state finances, state supported banks etc. is also a major characteristic of the Chinese system. In such a system you can push around and hide issues, redistribute the pain wherever it is politically acceptable and other such "conveniences". Japan famously has had decades of zombie conglomerates surviving despite insolvency. I don’t think state intermingling is necessary.